Access Holdings Plc has fallen to the bottom of the Nigerian banking sector’s performance table this year, as investors grow increasingly skeptical about the value of its aggressive acquisition spree across Africa.
Year-to-date, Access Holdings shares have gained just 6.92%, ranking last among 12 listed banks on the Nigerian Exchange (NGX), according to data tracked by MoneyCentral. This performance is a far cry from sector leaders like Wema Bank, which has surged 105% this year, Stanbic IBTC Holdings up 82.29%, and Guaranty Trust Holding Company (GTCO) which has climbed 62.8% over the same period. The broader NGX All Share Index has also gained a robust 38.09% YTD.
The company’s sluggish stock trajectory comes as it struggles to release its second-quarter 2025 financial statements, even as the third quarter draws to a close. It blamed the complexity of post-completion audit activities of newly acquired sub-subsidiaries within the Group for delaying its Q2 results.
Regulatory Delays Raise Red Flags
Market analysts say delays by the Central Bank of Nigeria (CBN) in certifying the lender’s results could point to deeper issues. Possible causes include inadequate loan-loss provisions and complex consolidation challenges from its growing network of offshore subsidiaries.
“The stock looks cheap at face value, but there are legitimate concerns about reporting delays and the efficiency of their ex-Nigeria investments,” an economist at a Lagos-based investment firm told MoneyCentral. “Outside Ghana, many of these offshore operations may not generate meaningful returns.”
Expansion Drive Puts Pressure on Results
Access Holdings has aggressively pursued a pan-African growth strategy, snapping up banks across multiple jurisdictions. The group has also pushed back the release of its interim financials for the half-year ended June 30, 2025, to October 22, citing the complexity of post-acquisition audits.
One of its biggest bets came in December 2024, when Access Bank agreed to acquire 100% of Bidvest Bank Holdings Limited in South Africa for R2.8 billion (approximately $159.6 million or ₦245 billion). The lender aims to expand its footprint to 26 countries by 2027 through a series of mergers and acquisitions.
Under its five-year strategy, Access expects Nigeria’s contribution to group revenue to drop from 82% in 2022 to 52% by 2027. Profit before tax (PBT) from Nigeria is also forecast to decline from 63% to 33% over the same period, underscoring its ambition to diversify earnings geographically.
However, that strategy has yet to translate into strong financial performance. For the 2024 full year, profit grew by just 1% to ₦618.6 billion as operating expenses weighed on margins.
Acquisition Trail Across Africa
Angola: In September 2023, Access acquired 99.2% of Finibanco for ₦31.5 billion.
Uganda: In January 2024, it signed a deal to acquire 80.88% of Finance Trust Bank Uganda.
Kenya: In March 2024, it reached an agreement with KCB Group to purchase National Bank of Kenya.
Zambia: Earlier in January 2024, its Zambian subsidiary completed the acquisition of Atlas Mara Zambia.
Lessons from Ecobank’s Pan-African Experience
Access Holdings’ expansion strategy mirrors Ecobank’s earlier push into multiple African markets. Ecobank Transnational Incorporated (ETI) operates in more than 30 countries but has faced persistent headwinds — from political instability and currency volatility to fragmented regulations — which have eroded profitability in key markets like Nigeria and Ghana.
The lender has since scaled back its ambitions, segmenting operations to focus on higher-potential markets while exiting less promising territories. Most recently, Ecobank completed the sale of its Mozambique subsidiary to FDH Bank Plc as part of a strategic refocus.
Investor Patience Wearing Thin
Access Holdings may soon face a similar crossroads if its acquisitions fail to deliver tangible returns. With regulatory approvals slowing its financial reporting and profitability under strain, investors are demanding clearer evidence that its multibillion-naira expansion is creating rather than eroding shareholder value.
